LIMITED Convoy this here’s the rubber duck you got a copy on me poster
One of the largest companies in Cho’s system and also the company allegedly used for criminal acts is Convoy. Town Health started buying a 25% stake in Convoy in 2013.
Buy it here: Convoy this here’s the rubber duck you got a copy on me poster
With such an ownership ratio, Mr. Cho has never been a shareholder with the right to run the company, but he has installed “happiness” throughout the company, creating a secret email address and negotiating with investors. A potential investment in a capacity on behalf of Convoy, based on the lawsuit filed by Convoy’s current management.
Under Convoy’s regulatory licenses, employees of the company can buy and sell shares, finance IPOs, and lend money to investors with little influence over the company, which are the rights that Cho gave. used for personal gain, based on the allegations in the lawsuit. In an accusation said in 2015, the family ran Taiwan’s second largest bank — Fubon Financial Holding Co. — has invested in Convoy a value of 1.57 billion HKD and Mr. Cho has transferred that investment money into the pockets of his network co-workers. Members of the Tsai family declined to comment.
According to the lawsuit, the Tsai family wanted to add the former CEO of Citigroup Inc., Sanford Weill, as a co-investor, but Cho denied this idea. Instead, Mr. Cho found independent investors to buy new shares worth 1.4 billion HKD of Convoy Company. These new investors turned out to be a close relative of Mr. Cho, who owns a company specializing in public relations (PR) for Town Health and a number of other companies. .
After that, Mr. Cho directly instructed Convoy to lend more than HK $ 1 billion to the companies and his affiliates, including the use of collateral, and under an alleged otherwise, the action was based on “non-commercial, unreasonable and / or materially detrimental terms” to Convoy.
Mr. Cho also arranged for Convoy to invest HK $ 375 million in First Credit Finance Group Ltd., pushing its shares to 260% in 2016. Meanwhile, Mr. Cho’s relatives reduced their shares. part of this company, based on the findings of a foreign investigative firm. First Credit Company did not comment on this.
Cho also forced Convoy Company to pay another company in which he owns HK $ 100,000 a month for the reason of paying for consulting services, however, that service “has no purpose or bring There is a “clear benefit” for Convoy.
Convoy later bought the company for HK $ 90 million but did not report it to the stock exchange, which violated the rules of disclosure of related party trading, according to the lawsuit. The current board of directors mentioned for the company declined to comment.
Synthesizing all of the above actions — nondisclosure, cross-holding, renaming, changing fields of operations and stock mortgage — is what regulators call “nefarious”, but they don’t just name of the company. “Because these companies coordinate their actions hidden under those of other legitimate companies,” said SFC’s Mr. Atkinson, “they literally are hiding among legitimate activities.”
Seen more at: Convoy this here’s the rubber duck you got a copy on me poster
